The European Council, representing the EU member states, has approved the European Commission’s proposal to delay the implementation of certain provisions of the CSRD (Corporate Sustainability Reporting Directive) and CSDDD (Corporate Sustainability Due Diligence Directive). This proposal is part of the “stop-the-clock” initiative.
The initiative is designed to provide companies with additional time to prepare for the new sustainability reporting requirements. Specifically, it involves a two-year delay in the adoption of the ESRS (European Sustainability Reporting Standards) for sectoral and cross-border reporting under the CSRD.
This decision is part of a broader package of measures called Omnibus I, aimed at reducing the administrative burden on businesses, particularly small and medium-sized enterprises (SMEs).